Illumina Slashes 5% Of Its Workforce

Illumina Slashes 5% Of Its Workforce
  • Illumina Inc ILMN is cutting 5% of its global workforce to realign its operating expenses to reflect the current macroeconomic environment.
  • The company expects to take a restructuring charge, including expenses associated with optimizing facilities, in the fourth quarter of 2022
  • This charge will be excluded from non-GAAP financial metrics, the company said in its SEC filing.
  • Illumina posted Q2 revenue of $1.12 billion, up 1% Y/Y and up 3% on a constant currency basis, almost in line with the consensus, which did not meet the company's expectations due to the challenges in a complex macroeconomic environment.
  • During the quarter, GAAP diluted loss per share of $(24.26) includes a goodwill impairment of $3.91 billion related to the GRAIL segment.
  • The company has over 9,100 employees globally, according to its website.
  • Price Action: ILMN shares are up 2.85% at $241.25 premarket on the last check Tuesday.

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